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MINUTES <br />CITY COUNCIL <br />OCTOBER 21, 2008 <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTIONNO.2008-10-262 -DENYING THE ASSESSMENT <br />OBJECTION FILED BY JHM OWASSO PROPERTIES AND ACTIVE <br />SPORTS, DSA THE HOUSE, THEIR TWO PROPERTIES AT 300 <br />SOUTH OWASSO BLVD. BASED ON THE FACT THAT THE <br />BENEFITS RECEIVED EXCEED THE AMOUNT OF THE <br />ASSESSMENT AS PROPOSED AND IS A FAIR AND EQUITABLE <br />ASSESSMENT OF THIS PROPERTY <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />The City Administrator reported that the City has sold bonds to finance the <br />Condit Street Improvement. Based on that bond sale, the Administrator <br />recommended that the interest rate for the assessment be reduced from <br />6.25% to 6.00%. The Administrator indicated that this interest rate <br />adjustment could be applied to the St. Paul Water Works Trail Storm <br />Sewer Repair as well as the Beam Avenue Improvement. <br />Montour felt it was important to note that of the total project costs for <br />Condit Street of $325,000, the City was assessing $132,000. The <br />taxpayers in the City will pay the $193,000 of project costs. <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2008-10-263 -ADOPTING THE ASSESSMENT <br />ROLL FOR IMPROVEMENT NO. 2008-02, CONDIT STREET, FOR <br />STREET RECONSTRUCTION, CONCRETE CURB AND CUTTER, <br />AND DRAINAGE ENHANCEMENTS, AS RECOMMENDED BY THE <br />CITY ENGINEER WITH AN ADJUSTMENT IN THE INTEREST <br />RATE FOR CERTIFIED ASSESSMENT BALANCES FROM 6.25% <br />TO 6.00 % AS RECOMMENDED BY THE CITYADMINISTRATOR <br />The foregoing resolution was duly seconded by Allan. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />